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of <h1>CBDT Clarifies Share Buy-Back Tax: Treat as Capital Gains, Not Dividends, for Transactions Before June 1, 2013.</h1> The circular from the Central Board of Direct Taxes clarifies the tax treatment of share buy-back transactions under the Income-tax Act, 1961. It specifies that any consideration received by shareholders from a company's buy-back of its own shares between April 1, 2000, and May 31, 2013, should be treated as capital gains, not as dividends, per Section 46A and Section 2(22)(iv) of the Act. The circular aims to resolve disputes arising from conflicting interpretations by tax authorities and taxpayers. It directs that no new assessments or reassessments should be initiated for buy-backs before June 1, 2013, and ongoing cases should align with this clarification.
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